TSXV:ASI.H - Post by User
Post by
flyer4on May 28, 2010 10:04am
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Post# 17139677
Other Ghana News.....
Other Ghana News.....A$11.16m for Gold Project
Azumah Resources (ASX: AZM), a West African gold company, has arranged aninstitutional placement totalling approximately A$11.16 million (beforeexpenses) through a heavily demanded share placement as part of its push to fasttrack exploration and development of its 100%-owned Wa Gold Project innorth-west Ghana.
The capital raising, comprising an issue of 27.9million shares at 40 cents per share, has been allocated to North American andAustralian institutional investor clients of Toronto based ClarusSecuritiesInc., Melbourne/Sydney/Hong Kong based BGF Equities and Perthbased BlackswanEquities Limited.
Pursuant to the 15% allowance under ASX Listing Rulesthe placement does not require shareholder approval.
Azumah said thiscapital raising, at twice the price of the previous raising last October, isconsistent with the company’s strategy to broaden its shareholder base andintroduce North American institutional investors onto its shareregister.
Stephen Stone, managing director, said "the funds raised willbolster Azumah’s working capital to over A$16 million. The funds will beprimarily directed towards a major expansion of exploration and drilling focusedon growing the company’s present 1.1Moz Indicated and Inferred Mineral Resource